Law Of Contracts Practice Exam Champions 2018 (Questions And Correct Answers)

TREC's residential contract forms, ______, are mandatory for license holders, with few exceptions. (a) for optional use by real estate license holders (b) drafted by the Broker Lawyer Committee (c) promulgated by the Broker Lawyer Committee (d) mandatory for all real estate transactions in Texas {Ans: (b) drafted by the Broker Lawyer Committee}A(n)________is referred to as an action of forcible detainer in most states. (a) escalation clause (b) termination (c) eviction (d) assignment {Ans: (c) eviction}In a ________ a mortgage is an actual transfer of ownership from the borrower to the lender. (a) title theory state (b) lien theory state (c) federal reserve (d) secondary market {Ans: (a) title theory state}A _________ may take place when a seller is unable to sell his or her property at or above what the seller owes the lender. (a) foreclosure (b) short sale (c) second market (d) adverse possession {Ans: (b) short sale}If you hire a mold remediator he must give you _______ no later than 10 days after work is complete. (a) Dept. of State and Health Services Agreement (b) Texas Property Code receipt (c) EPA Certificate (d) Certificate of Mold Remediation {Ans: (d) Certificate of Mold